1)Matthew sold his vacation cabin to Linda. Linda assumed Matthew's mortgage with First National Bank. Subsequently, First National agreed to release Matthew from the loan and hold only the new buyer liable. The agreement is a ___________?

A) an accord and satisfaction

B) an assigment

C) a novation

D) a delegation

2) The contract duty to mitigate damages

A) Only applies if the non-breaching party requests an equitable remedy.

B) requires the breaching party to minimize the effect of the breach on the non-breaching party

C) Only applies to contracts involving real estate.

D) requires the non-breaching party to take reasonable steps to minimize the damages.

3) A condition that must happen before the parties to a contract have an obligation to perform is called

A) a concurrent condition.

B) a condition subsequent

C) a condition precedent

D) none of the above

4) In which of the following contracts would specific performance be available?

A) Lease of a new car

B) To sell a house

C) To sell an original Monet painting which had been stolen from a museum

D) to sell a new car.

5) Complete Performance is ?

A) an requirement for avoiding the breach of an implied in law condition.

B) an agreement to accept performance different from that required in the original bargain and the ultimate compliance with this subsequent agreement.

C) The parties exact fulfillment of the terms of the contract.

D) None of the above

6) Which of the following is an example of objective impossibility?

a) strike

b) Supervening illegality

c) Insolvency

d) Drought

7) The most common award in a breach of contract action is ?

A) punitive damages.

B) Exemplary damages

C) Compensatory Damages

D) recession

8)Bernice contracts to buy "Land's End," a beach cottage on Lake Michigan. When the seller refuses to convey the property to Bernice, Bernice ordinarily can

A) Sue for reformation

B) Sue for specific performance

C) receive no relief because of the law will refrain from forcing a person to sell if he or she is unwilling to do so.

D) sue for punitive damages

9) If it is objectively impossible for a party to perform, their performance will be excused.

A)True

B False

10) Accord and satisfaction is an agreement whereby the parties decide to accept performance different from that required by their original bargain and the parties later compliance with the new agreement.

A) True

B) False